Hitachi Joins Forces with FINOS for Financial Standards
Hitachi Ltd. has made a significant step towards advancing global financial services by becoming a Silver Member of the Fintech Open Source Foundation (FINOS). This international organization is dedicated to enhancing open standards and best practices within the financial services sector, attracting participation from over 100 companies and organizations worldwide.
The primary goal for Hitachi's participation is to bolster security and improve user experiences in financial services like payments and asset management. The company aims to engage in standardization activities that address challenges and regulations surrounding open source software (OSS) and artificial intelligence (AI). Furthermore, Hitachi intends to drive the dissemination of best practices in the financial industry through its involvement in FINOS.
In today’s rapidly evolving financial landscape, the integration of applications via APIs and the development of OSS applications have become more common. However, there is a pressing need to strengthen transaction security and personal data protection measures, which vary by region and are increasingly under regulatory examination. Additionally, the geopolitical climate and the swift rise of AI technology have necessitated changes in the standardization of global financial services. Facilitating standardization has become a shared challenge for the industry, highlighting the importance of community collaboration.
A history of expertise in open source development has paved the way for Hitachi’s role in this initiative. The company has played a significant role as a maintainer for Keycloak, a prominent OSS for cloud-native authentication and authorization management. Hitachi’s maintainers have successfully implemented compliance features aligned with the Financial-grade API (FAPI) standards, which have been adopted and utilized worldwide. Furthermore, since the establishment of Hitachi’s Open Source Program Office (OSPO), collaboration with The Linux Foundation has been ongoing, sharing knowledge across various communities on establishing OSPOs. Such endeavors have increased opportunities for businesses to actively engage in OSS communities, thereby invigorating these collaborative groups.
Looking ahead, Hitachi plans to leverage the insights gained through its experiences with Keycloak and OSPO to drive standardization activities in alignment with global regulations within FINOS. The intent is to establish best practices that not only improve security but also enhance convenience, sharing these innovations within the community to foster growth in the financial sector. In addition, as AI technology continues to evolve, Hitachi is committing to support the development of guidelines that address new security threats posed by AI, thereby contributing to the establishment of governance for AI usage in the financial industry.
About Fintech Open Source Foundation (FINOS)
FINOS is an organization under the umbrella of The Linux Foundation that promotes the adoption of open source, open standards, and best practices to drive the advancement of financial services. More than 100 enterprises and organizations, mainly consisting of major financial institutions and fintech companies, are members, collaborating on several key initiatives:
1.
Encouraging Innovation: Promoting interoperability and technical development throughout the financial sector via industry-wide partnerships.
2.
Community Building: Developing vibrant technical communities that encompass clients using financial technologies, service providers, and other involved stakeholders.
3.
Infrastructure for Collaboration: Providing a trusted, neutral forum for communities to collaborate by creating efficient, compliant open-source collaborative infrastructures and transparent, community-driven technical governance.
To learn more about FINOS and their initiatives, visit
FINOS's official website.
For further information on Hitachi’s involvement in OSS, check out
Hitachi OSS and
Hitachi Financial Solutions.
Trademark Note: The names of organizations and products mentioned are registered trademarks or trademarks of their respective owners.
For inquiries, contact Hitachi Ltd. AI & Software Services Business Unit via the
contact form.